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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)



x		QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
		SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: September 30, 2025



o		TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
		SECURITIES EXCHANGE ACT OF 1934

For the transition period from: _____ to _____

Commission file number: 000-51018

THE BANCORP, INC.

(Exact name of registrant as specified in its charter)


Delaware		23-3016517
(State or other jurisdiction of incorporation or organization)		(IRS Employer Identification No.)

409 Silverside Road, Wilmington, DE 19809		(302) 385-5000
(Address of principal executive offices and zip code)		(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:



Title of Each Class	Trading Symbol(s)	Name of each Exchange on Which Registered
Common Stock, par value $1.00 per share	TBBK	Nasdaq Global Select

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.



Large accelerated filer x	Accelerated filer o	Non-accelerated filer o
Smaller reporting company o	Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

As of October 27, 2025, there were 43,917,627 outstanding shares of common stock, $1.00 par value.

THE BANCORP, INC.

Form 10-Q Index



		Page
Part I Financial Information
Item 1.	Financial Statements	3

	Consolidated Balance Sheets – September 30, 2025 (unaudited) and December 31, 2024	3

	Unaudited Consolidated Statements of Operations – Three and nine months ended September 30, 2025 and 2024	4

	Unaudited Consolidated Statements of Comprehensive Income – Three and nine months ended September 30, 2025 and 2024	5

	Unaudited Consolidated Statements of Changes in Shareholders’ Equity – Three and nine months ended September 30, 2025 and 2024	6

	Unaudited Consolidated Statements of Cash Flows – Nine months ended September 30, 2025 and 2024	8

	Notes to Unaudited Consolidated Financial Statements	9

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	38

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	69

Item 4.	Controls and Procedures	69

Part II Other Information

Item 1.	Legal Proceedings	71
Item 1A.	Risk Factors	71
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	71
Item 5.	Other Information	71
Item 6.	Exhibits	72

Signatures		73

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

THE BANCORP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS


	September 30,		December 31,
	2025		2024
(Dollars in thousands, except share data)		(unaudited)


ASSETS
Cash and cash equivalents
Cash and due from banks	$	10,162	$	6,064
Interest-earning deposits at Federal Reserve Bank		74,517		564,059
Total cash and cash equivalents		84,679		570,123

Investment securities, available-for-sale, at fair value		1,384,256		1,502,860
Commercial loans, at fair value		142,658		223,115
Loans, net of deferred loan fees and costs		6,672,637		6,113,628
Allowance for credit losses		(64,152)		(44,853)
Loans, net		6,608,485		6,068,775
Stock in Federal Reserve, Federal Home Loan and Atlantic Central Bankers Banks		25,250		15,642
Premises and equipment, net		25,947		27,566
Accrued interest receivable		43,831		41,713
Intangible assets, net		955		1,254
Other real estate owned		61,974		62,025
Deferred tax asset, net		10,034		18,874
Credit enhancement asset		29,318		12,909
Other assets		182,037		182,687
Total assets	$	8,599,424	$	8,727,543

LIABILITIES
Deposits
Demand and interest checking	$	7,254,896	$	7,434,212
Savings and money market		75,901		311,834
Total deposits		7,330,797		7,746,046

Short-term borrowings		200,000		—
Senior debt		196,052		96,214
Subordinated debentures		13,401		13,401
Other long-term borrowings		13,806		14,081
Other liabilities		67,206		68,018
Total liabilities		7,821,262		7,937,760

SHAREHOLDERS' EQUITY
Common stock - authorized, 75,000,000 shares of $1.00 par value; 48,404,006 and 44,528,879 shares issued and outstanding, respectively, at September 30, 2025 and 47,713,481 and 47,310,750 shares issued and outstanding, respectively, at December 31, 2024		48,404		47,713
Additional paid-in capital		19,400		3,233
Retained earnings		951,076		779,155
Accumulated other comprehensive income		8,814		(17,637)
Treasury stock at cost, 3,875,127 shares at September 30, 2025 and 402,731 shares at December 31, 2024, respectively		(249,532)		(22,681)
Total shareholders' equity		778,162		789,783

Total liabilities and shareholders' equity	$	8,599,424	$	8,727,543

The accompanying notes are an integral part of these consolidated statements.

‎

THE BANCORP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)


	For the three months ended September 30,				For the nine months ended September 30,
	2025		2024		2025		2024
	(Dollars in thousands, except per share data)
Interest income
Loans, including fees	$	114,982	$	116,483	$	336,220	$	345,797
Investment securities:
Taxable interest		17,354		19,767		57,874		46,921
Tax-exempt interest		104		43		290		122
Interest-earning deposits		3,954		3,387		24,960		19,948
		136,394		139,680		419,344		412,788
Interest expense
Deposits		38,796		42,698		129,134		121,858
Short-term borrowings		495		1,030		500		2,344
Long-term borrowings		197		689		590		2,060
Senior debt		2,450		1,234		4,917		3,701
Subordinated debentures		259		297		771		880
		42,197		45,948		135,912		130,843
Net interest income		94,197		93,732		283,432		281,945
Provision for credit losses on non-consumer fintech loans		5,755		3,476		8,123		7,316
Provision for credit losses on consumer fintech loans		39,790		—		128,891		—
Provision (reversal) for unfunded commitments		(491)		79		(744)		(340)
Net interest income after provision (reversal) for credit losses		49,143		90,177		147,162		274,969

Non-interest income
Fintech fees
ACH, card and other payment processing fees		5,077		3,892		15,771		9,856
Prepaid, debit card and related fees		25,513		23,907		77,340		72,948
Consumer credit fintech fees		4,493		1,600		12,063		1,740
Total fintech fees		35,083		29,399		105,174		84,544
Net realized and unrealized gains
on commercial loans, at fair value		1,005		606		1,710		2,205
Leasing related income		1,397		1,072		5,500		2,889
Consumer fintech loan credit enhancement		39,790		—		128,891		—
Other		3,141		1,031		6,526		2,574
Total non-interest income		80,416		32,108		247,801		92,212

Non-interest expense
Salaries and employee benefits		37,350		33,821		108,153		97,964
Depreciation		1,152		1,047		3,381		3,023
Rent and related occupancy cost		1,592		1,734		4,877		5,060
Data processing expense		1,259		1,408		3,691		4,252
Audit expense		617		403		1,816		1,081
Legal expense		1,483		1,055		5,303		2,509
FDIC insurance		905		904		3,160		2,618
Software		5,040		4,561		15,197		13,687
Insurance		1,194		1,246		3,596		3,866
Telecom and IT network communications		304		283		945		908
Consulting		430		418		1,322		1,558
Other		5,078		6,375		15,480		14,887
Total non-interest expense		56,404		53,255		166,921		151,413
Income before income taxes		73,155		69,030		228,042		215,768
Income tax expense		18,228		17,513		56,121		54,136
Net income	$	54,927	$	51,517	$	171,921	$	161,632

Net income per share - basic	$	1.20	$	1.06	$	3.69	$	3.18

Net income per share - diluted	$	1.18	$	1.04	$	3.64	$	3.15
Weighted average shares - basic		45,865,172		48,759,369		46,554,311		50,807,021
Weighted average shares - diluted		46,518,125		49,478,236		47,209,469		51,361,104

The accompanying notes are an integral part of these consolidated statements.

‎

THE BANCORP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)


	For the three months ended September 30,				For the nine months ended September 30,
	2025		2024		2025		2024
	(Dollars in thousands)

Net income	$	54,927	$	51,517	$	171,921	$	161,632
Other comprehensive income, net of reclassifications into net income:

Other comprehensive income
Securities available-for-sale:
Change in net unrealized gains		9,607		44,404		35,267		49,428
Reclassification adjustments for losses included in income		—		—		—		2
Other comprehensive income		9,607		44,404		35,267		49,430

Income tax expense related to items of other comprehensive income
Securities available-for-sale:
Change in net unrealized gains		2,402		10,951		8,816		12,187
Income tax expense related to items of other comprehensive income		2,402		10,951		8,816		12,187

Other comprehensive income, net of tax and reclassifications into net income		7,205		33,453		26,451		37,243
Comprehensive income	$	62,132	$	84,970	$	198,372	$	198,875

The accompanying notes are an integral part of these consolidated statements.

THE BANCORP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED)


For the three and nine months ended September 30, 2025
(Dollars in thousands, except share data)

									Accumulated
	Common				Additional				other
	stock		Common		paid-in		Retained		comprehensive		Treasury
	shares issued		stock		capital		earnings		(loss) income		stock		Total

Balance at January 1, 2025		47,713,481	$	47,713	$	3,233	$	779,155	$	(17,637)	$	(22,681)	$	789,783
Net income		—		—		—		57,173		—		—		57,173
Common stock issued from option exercises,
net of tax benefits		—		—		—		—		—		—		—
Common stock issued from restricted units,
net of tax benefits		353,697		354		(354)		—		—		—		—
Stock-based compensation		—		—		4,591		—		—		—		4,591
Other comprehensive income net of
reclassification adjustments and tax		—		—		—		—		15,797		—		15,797
Common stock repurchases and excise tax		—		—		—		—		—		(37,657)		(37,657)
Balance at March 31, 2025		48,067,178	$	48,067	$	7,470	$	836,328	$	(1,840)	$	(60,338)	$	829,687

Net income		—	$	—	$	—	$	59,821	$	—		—	$	59,821
Common stock issued from option exercises,
net of tax benefits		—		—		—		—		—		—		—
Common stock issued from restricted units,
net of tax benefits		36,828		37		(37)		—		—		—		—
Stock-based compensation		—		—		5,175		—		—		—		5,175
Other comprehensive income net of
reclassification adjustments and tax		—		—		—		—		3,449		—		3,449
Common stock repurchases and excise tax		—		—		—		—		—		(37,866)		(37,866)
Balance at June 30, 2025		48,104,006	$	48,104	$	12,608	$	896,149	$	1,609	$	(98,204)	$	860,266

Net income		—	$	—	$	—	$	54,927	$	—		—	$	54,927
Common stock issued from option exercises,
net of tax benefits		300,000		300		1,761		—		—		—		2,061
Common stock issued from restricted units,
net of tax benefits		—		—		—		—		—		—		—
Stock-based compensation		—		—		5,031		—		—		—		5,031
Other comprehensive income net of
reclassification adjustments and tax		—		—		—		—		7,205		—		7,205
Common stock repurchases and excise tax		—		—		—		—		—		(151,328)		(151,328)
Balance at September 30, 2025		48,404,006	$	48,404	$	19,400	$	951,076	$	8,814	$	(249,532)	$	778,162

The accompanying notes are an integral part of these consolidated statements.

‎

THE BANCORP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED)


For the three and nine months ended September 30, 2024
(Dollars in thousands, except share data)
									Accumulated
	Common				Additional				other
	stock		Common		paid-in		Retained		comprehensive		Treasury
	shares issued		stock		capital		earnings		(loss) income		stock		Total

Balance at January 1, 2024		53,202,630	$	53,203	$	212,431	$	561,615	$	(19,968)	$	—	$	807,281
Net income		—		—		—		56,429		—		—		56,429
Common stock issued from restricted units,
net of tax benefits		312,619		312		(312)		—		—		—		—
Stock-based compensation		—		—		3,317		—		—		—		3,317
Other comprehensive income net of
reclassification adjustments and tax		—		—		—		—		101		—		101
Common stock repurchases and excise tax		(1,262,212)		(1,262)		(49,101)		—		—		—		(50,363)
Balance at March 31, 2024		52,253,037	$	52,253	$	166,335	$	618,044	$	(19,867)	$	—	$	816,765

Net income		—	$	—	$	—	$	53,686	$	—		—	$	53,686
Common stock issued from restricted units,
net of tax benefits		32,771		33		(33)		—		—		—		—
Stock-based compensation		—		—		3,841

Bancorp, Inc. 10-Q